FOR IMMEDIATE RELEASE                                          AT
THURSDAY, SEPTEMBER 7, 1995                        (202) 616-2771
                                               TDD (202) 514-1888


   NORTHERN CALIFORNIA BANKNOTES DEALER CHARGED WITH COLLUSIVE
        BIDDING ON RARE BANKNOTES AT NEW YORK CITY AUCTION

     WASHINGTON, D.C. -- A leading dealer in rare banknotes was
charged today by the Department of Justice with conspiring to rig
bids on the purchase of old and rare banknotes at a public
auction in New York City.
     In court papers filed today in U.S. District Court in New
York City, the Department's Antitrust Division charged that Mel
Steinberg Inc. of San Anselmo, California, along with
co-conspirators, agreed to refrain from bidding against one
another at an auction conducted by Christie, Manson and Woods
International Inc. in New York City on November 28 and 29, 1990. 
     In April 1995, William Barrett Numismatics Limited, a
Canadian corporation, pleaded guilty to a charge of collusive
bidding at the same auction.  The company was sentenced to pay a
$125,000 fine.
     Anne K. Bingaman, Assistant Attorney General in charge of
the Antitrust Division, said the charges arose in connection with
a grand jury investigation in New York City into collusive
bidding at auctions of numismatics items and other goods. 
Bingaman said the investigation, which is being conducted by the
Division's New York Field Office, is continuing.
     The maximum penalty for a corporation convicted of a Sherman
Act violation occurring after November 16, 1990, is the greatest
of $10 million, twice the gross pecuniary gain derived by the
defendant from the offense or twice the gross pecuniary loss
caused to the victims of the crime.
                               ###
95-471